GMT EIGHT - China News

Ministry of Transportation: The total number of cross-regional passenger movements in the society exceeded 190 million on September 14th.

According to the data from the Ministry of Transport, on September 14, 2024, the total cross-regional passenger traffic in the whole society was 195.1637 million, an increase of 30.5% compared to the previous month, and an increase of 41.6% compared to the same period in 2023, and an increase of 4.9% compared to the same period in 2019. Specifically: railway passenger traffic was 131.14 million, an increase of 39.4% compared to the previous month, an increase of 59.5% compared to the same period in 2023, and an increase of 13.2% compared to the same period in 2019. Road passenger traffic was 179.37 million, an increase of 30.5% compared to the previous month, an increase of 40.8% compared to the same period in 2023, and an increase of 4.5% compared to the same period in 2019. Among them, the non-commercial small passenger car trips on highways and national and provincial roads were 144.13 million, an increase of 23.8% compared to the previous month, an increase of 30.7% compared to the same period in 2023, and an increase of 9.7% compared to the same period in 2019; commercial passenger traffic on roads was 35.24 million, an increase of 67.4% compared to the previous month, an increase of 105.4% compared to the same period in 2023, and a decrease of 12.3% compared to the same period in 2019. Waterway passenger traffic was 549.4 thousand, a decrease of 6.5% compared to the previous month, an increase of 0.1% compared to the same period in 2023, and a decrease of 44.7% compared to the same period in 2019. Aviation passenger traffic was 2.13 million, an increase of 2.8% compared to the previous month, an increase of 25.4% compared to the same period in 2023, and an increase of 14.5% compared to the same period in 2019. This article is selected from the official WeChat account of the Ministry of Transport; Edited by GMTEight: Huang Xiaodong.

15/09/2024

Notice on the Public Solicitation of Opinions on the "Method for Identifying Artificial Intelligence Generated Synthetic Content (Draft for Soliciting Opinions)" by the Cyberspace Administration of China

In order to standardize the labeling of artificially intelligent generated synthetic content, maintain national security and public interests, protect the legitimate rights and interests of citizens, legal persons, and other organizations, and in accordance with the "People's Republic of China Network Security Law", "Regulations on the Management of Algorithm Recommendations for Internet Information Services", "Regulations on the Management of Deep Synthetic Internet Information Services", and "Interim Measures for the Management of Generative Artificial Intelligence Services", the State Internet Information Office has drafted the "Artificial Intelligence Generated Synthetic Content Labeling Measures (Draft for Comments)" and is now soliciting public feedback. The public can provide feedback through the following methods: 1. Send feedback via email to: biaoshi@cac.gov.cn. 2. Send feedback via mail to: Network Management Technical Bureau of the State Internet Information Office, No. 11 Chegongzhuang Street, Xicheng District, Beijing 100044, and indicate "Draft for Comments on the Labeling of Artificial Intelligence Generated Synthetic Content" on the envelope. The deadline for feedback is October 14, 2024. State Internet Information Office September 14, 2024 Artificial Intelligence Generated Synthetic Content Labeling Measures (Draft for Comments) Article 1 In order to promote the healthy development of artificial intelligence, standardize the labeling of artificially intelligent generated synthetic content, protect the legitimate rights and interests of citizens, legal persons, and other organizations, and uphold social public interests, these measures are formulated in accordance with the "People's Republic of China Network Security Law", "Regulations on the Management of Algorithm Recommendations for Internet Information Services", "Regulations on the Management of Deep Synthetic Internet Information Services", "Interim Measures for the Management of Generative Artificial Intelligence Services" and other laws, administrative regulations, and departmental rules. Article 2 These measures apply to network information service providers (hereinafter referred to as "service providers") who engage in the labeling of artificially intelligent generated synthetic content in accordance with the provisions of the "Regulations on the Management of Algorithm Recommendations for Internet Information Services", "Regulations on the Management of Deep Synthetic Internet Information Services", and "Interim Measures for the Management of Generative Artificial Intelligence Services". Industry organizations, enterprises, educational and research institutions, public cultural institutions, and other professional institutions engaged in the research and application of generative artificial intelligence technologies, but not providing services to the domestic public, are not subject to the provisions of these measures. Article 3 Artificially intelligent generated synthetic content refers to text, images, audio, video, and other information created, generated, or synthesized using artificial intelligence technology. The labeling of artificial intelligence-generated synthetic content includes explicit labeling and implicit labeling. Explicit labeling refers to labels added in the generated synthetic content or interactive interface in a way that is clearly perceivable by users, such as through text, sound, graphics, etc. Implicit labeling refers to labels added to the file data of generated synthetic content using technical measures that are not easily perceived by users. Article 4 If the services provided by service providers fall under the circumstances specified in Article 1 of the "Regulations on the Management of Deep Synthetic Internet Information Services", they should add explicit labels to the generated synthetic content in accordance with the following requirements: (1) Add text prompts or universal symbol prompts at appropriate positions at the beginning, end, or middle of the text, or place prominent prompts in the interactive interface or around the text. (2) Add voice prompts or audio rhythm prompts at appropriate positions at the beginning, end, or middle of the audio, or place prominent prompts in the interactive interface. (3) Add prominent prompts at appropriate positions in the image. (4) Add prominent prompts at appropriate positions at the beginning of the video and around the video playback, and add prominent prompts at the end and middle positions of the video when necessary. (5) When presenting virtual scenes, add prominent prompts at appropriate positions at the beginning of the scene, and add prominent prompts at appropriate positions during the ongoing service in the virtual scene. (6) In other scenarios of generative synthetic services, add explicit labels with significant prompt effects according to the characteristics of the application. When providing download, copy, export, and other ways of accessing generated synthetic content, service providers should ensure that the files contain the required explicit labels. Article 5 Service providers should add implicit labels to the metadata of the generated synthetic content in accordance with Article 16 of the "Regulations on the Management of Deep Synthetic Internet Information Services". The implicit labels should include information about the attributes of the generated synthetic content, the name or code of the service provider, content numbers, and other production elements. Service providers are encouraged to add forms of implicit labeling such as digital watermarks to the generated synthetic content. Metadata refers to descriptive information embedded in the header of a file according to a specific encoding format, used to record information about the source, attributes, purpose, copyright, and other content of the file. Article 6 Service providers that provide network information content distribution platform services should take measures to regulate the dissemination of generated synthetic content. (1) They should verify whether there are implicit labels in the file metadata, and if so, they should add prominent prompts around the published content to clearly alert users that the content is generated synthetic content. (2) If no implicit labels are found in the file metadata, but the user declares it as generated synthetic content, appropriate prompts should be added around the published content to remind users that the content may be generated synthetic content. (3) If no implicit labels are found in the file metadata and the user does not declare it as generated synthetic content, but the service provider distributing the network information content detects explicit labels or other traces of generated synthetic content, it can be identified as suspected generated synthetic content, and appropriate prompts should be added around the published content to remind users that the content is suspected to be generated synthetic content. (4) For content that is verified, possibly, or suspected to be generated synthetic content, information such as the attributes of the generated synthetic content, the name or code of the distribution platform, content numbers, etc., should be added to the file metadata. (5) Provide necessary labeling functions and remind users to actively declare whether the published content contains generated synthetic content. Article 7 Internet application distribution platforms should verify whether service providers have provided the necessary labeling functions for generated synthetic content when reviewing applications for release or online distribution. Article 8Service providers should clearly specify in the user service agreement the methods, styles, and other specifications for generating synthetic content identifiers, and remind users to carefully read and understand the relevant requirements for managing identifiers.Article 9 If users need the service provider to provide generated synthetic content without explicit identification, they can provide generated synthetic content without explicit identification and keep related logs for no less than six months after clarifying the user's identification obligations and usage responsibilities through the user agreement. Article 10 When users upload generated synthetic content to the service provider's platform for disseminating network information content services, they should proactively declare and use the identification function provided by the platform for identification. No organization or individual shall maliciously delete, tamper with, forge, or conceal the identification of generated synthetic content stipulated in these measures, provide tools or services for others to carry out the aforementioned malicious acts, or damage the legitimate rights and interests of others through improper identification methods. Article 11 Service providers should identify in accordance with the requirements of relevant mandatory national standards. Article 12 When service providers perform procedures such as algorithm filing and security assessments, they should provide materials related to identifying generated synthetic content according to these measures, strengthen the sharing of identification information, and provide support and assistance to prevent and combat related illegal criminal activities. Article 13 For violations of these measures that result in serious consequences due to the lack of identification of generated synthetic content, the relevant competent authorities such as the Cyberspace Administration of China shall impose penalties in accordance with relevant laws, administrative regulations, and departmental rules. Article 14 These measures shall be implemented from the date of MM/YY. This article is from the WeChat official account "Cyberspace China"

14/09/2024

Real estate development investment in China decreased by 10.2% year-on-year from January to August, with new home sales area dropping by 18%.

From January to August this year, China's real estate investment continued the previous downward trend, with the decline rate equal to that of the previous month. From January to August, the national real estate development investment was 6.9284 trillion yuan, a year-on-year decrease of 10.2%, the same as the previous month. The sales area of newly built commercial housing was 606.02 million square meters, a year-on-year decrease of 18.0%, narrowing from the previous month. Real estate development investment decreased by 10.2% year-on-year. From January to August, the national real estate development investment was 6.9284 trillion yuan, a year-on-year decrease of 10.2%; among which, residential investment was 5.2627 trillion yuan, a decrease of 10.5%. From January to August, the construction area of real estate development enterprises was 7.0942 billion square meters, a year-on-year decrease of 12.0%. Among them, the construction area of residential buildings was 4.96052 billion square meters, a decrease of 12.6%. The newly started construction area of buildings was 494.65 million square meters, a decrease of 22.5%. Among them, the newly started construction area of residential buildings was 35.909 million square meters, a decrease of 23.0%. The completed construction area of buildings was 33.394 million square meters, a decrease of 23.6%. Among them, the completed construction area of residential buildings was 24.393 million square meters, a decrease of 23.2%. Sales area of new houses decreased by 18.0% From January to August, the sales area of newly built commercial housing was 60.602 million square meters, a year-on-year decrease of 18.0%, with the sales area of residential housing decreasing by 20.4%. The sales amount of newly built commercial housing was 597.23 billion yuan, a decrease of 23.6%, with the sales amount of residential housing decreasing by 25.0%. By the end of August, the unsold area of commercial housing was 73.783 million square meters, a year-on-year increase of 13.9%. Among them, the unsold area of residential housing increased by 21.5%. From January to August, real estate development enterprises had a total capital of 6.9932 trillion yuan, a year-on-year decrease of 20.2%. Among them, domestic loans were 1.0229 trillion yuan, a decrease of 5.1%; the utilization of foreign funds was 20 billion yuan, a decrease of 42.4%; self-raised funds were 2.515 trillion yuan, a decrease of 8.4%; deposits and prepayments were 2.1078 trillion yuan, a decrease of 30.2%; individual mortgage loans were 992 billion yuan, a decrease of 35.8%. In August, the real estate development prosperity index, referred to as the National Real Estate Prosperity Index, was 92.35.

14/09/2024

National Bureau of Statistics: In August, the production of raw coal, crude oil, natural gas, and electricity in large-scale industries showed steady growth.

The National Bureau of Statistics released the energy production situation in August 2024. In August, the output of raw coal in large-scale industrial enterprises was 4.0 billion tons, an increase of 2.8% year-on-year, with the same growth rate as July; the daily average output was 12.792 million tons. In August, the output of crude oil in large-scale industrial enterprises was 17.83 million tons, an increase of 2.1% year-on-year; the daily average output was 575,000 tons. In August, the production of natural gas in large-scale industrial enterprises was 20 billion cubic meters, an increase of 9.4% year-on-year, 1.5 percentage points faster than July; the daily average output was 650 million cubic meters. The full text is as follows: Energy production situation in August 2024 In August, the production of raw coal, crude oil, natural gas, and electricity in large-scale industrial enterprises continued to grow steadily. 1. Production of raw coal, crude oil, and natural gas and related situations The production of raw coal continued to grow steadily. In August, the output of raw coal in large-scale industrial enterprises was 4.0 billion tons, an increase of 2.8% year-on-year, with the same growth rate as July; the daily average output was 12.792 million tons. Coal imports were 45.84 million tons, an increase of 3.4% year-on-year. From January to August, the output of raw coal in large-scale industrial enterprises was 30.5 billion tons, a decrease of 0.3% year-on-year. Coal imports were 340 million tons, an increase of 11.8% year-on-year. Crude oil production remained stable and increased. In August, the output of crude oil in large-scale industrial enterprises was 17.83 million tons, an increase of 2.1% year-on-year; the daily average output was 575,000 tons. Crude oil imports were 49.1 million tons, a decrease of 7.0% year-on-year. From January to August, the output of crude oil in large-scale industrial enterprises was 142.79 million tons, an increase of 2.1% year-on-year. Crude oil imports were 36.691 million tons, a decrease of 3.1% year-on-year. Crude oil processing decreased slightly. In August, the processing volume of crude oil in large-scale industrial enterprises was 59.07 million tons, a decrease of 6.2% year-on-year; the daily average processing volume was 190.5 million tons. From January to August, the processing volume of crude oil in large-scale industrial enterprises was 47.253 million tons, a decrease of 1.2% year-on-year. Natural gas production accelerated. In August, the output of natural gas in large-scale industrial enterprises was 20 billion cubic meters, an increase of 9.4% year-on-year, 1.5 percentage points faster than July; the daily average output was 6.5 billion cubic meters. Natural gas imports were 11.76 million tons, an increase of 9.1% year-on-year. From January to August, the output of natural gas in large-scale industrial enterprises was 163.7 billion cubic meters, an increase of 6.6% year-on-year. Natural gas imports were 87.13 million tons, an increase of 12.3% year-on-year. 2. Electricity production situation Electricity production in large-scale industrial enterprises accelerated. In August, the electricity generation in large-scale industrial enterprises was 9.074 billion kilowatt-hours, an increase of 5.8% year-on-year, 3.3 percentage points faster than July; the daily average electricity generation in large-scale industrial enterprises was 29.27 billion kilowatt-hours. From January to August, the electricity generation in large-scale industrial enterprises was 62.379 billion kilowatt-hours, an increase of 5.1% year-on-year. In terms of types, in August, thermal power generation in large-scale industrial enterprises shifted from decline to growth, hydropower growth slowed down, nuclear power, wind power, and CECEP Solar Energy generation growth accelerated. Specifically, thermal power generation in large-scale industrial enterprises increased by 3.7% year-on-year, compared to a decrease of 4.9% in July; hydropower generation in large-scale industrial enterprises increased by 10.7%, a decrease of 25.5 percentage points compared to July; nuclear power generation in large-scale industrial enterprises increased by 4.9%, an acceleration of 0.6 percentage points compared to July; wind power generation in large-scale industrial enterprises increased by 6.6%, an acceleration of 5.7 percentage points compared to July; CECEP Solar Energy generation in large-scale industrial enterprises increased by 21.7%, an acceleration of 5.3 percentage points compared to July. This article is translated from the National Bureau of Statistics.

14/09/2024

National Bureau of Statistics: The total retail sales of consumer goods in August was 3.8726 trillion yuan, an increase of 2.1% year-on-year.

On September 14th, according to the National Bureau of Statistics, the total retail sales of consumer goods in August was 3.726 trillion yuan, a year-on-year increase of 2.1%. Among them, the retail sales of consumer goods excluding automobiles was 3.4783 trillion yuan, an increase of 3.3%. From January to August, the total retail sales of consumer goods was 31.2452 trillion yuan, a year-on-year increase of 3.4%. Among them, the retail sales of consumer goods excluding automobiles was 28.1772 trillion yuan, an increase of 3.9%. By location of the operating unit, in August, the retail sales of consumer goods in urban areas was 3.3575 trillion yuan, a year-on-year increase of 1.8%; the retail sales of consumer goods in rural areas was 515.1 billion yuan, an increase of 3.9%. From January to August, the retail sales of consumer goods in urban areas was 27.0825 trillion yuan, an increase of 3.2%; the retail sales of consumer goods in rural areas was 4.1627 trillion yuan, an increase of 4.4%. By type of consumption, in August, the retail sales of commodities were 3.4375 trillion yuan, a year-on-year increase of 1.9%; catering revenue was 435.1 billion yuan, an increase of 3.3%. From January to August, the retail sales of commodities were 27.7454 trillion yuan, an increase of 3.0%; catering revenue was 3.4998 trillion yuan, an increase of 6.6%. By retail format, from January to August, among the retail units above the quota, the retail sales of convenience stores, specialty stores, and supermarkets increased by 4.9%, 4.3%, and 2.1% respectively year-on-year; the retail sales of department stores and brand specialty stores decreased by 3.3% and 1.9% respectively. From January to August, online retail sales in China reached 9.6352 trillion yuan, a year-on-year increase of 8.9%. Among them, the online retail sales of physical goods was 8.0143 trillion yuan, an increase of 8.1%, accounting for 25.6% of the total retail sales of consumer goods; in the online retail sales of physical goods, food, clothing, and daily necessities increased by 19.1%, 5.0%, and 7.0% respectively. This article is compiled from data from the National Bureau of Statistics, edited by GMTEight: Li Junling.

14/09/2024

National Bureau of Statistics: From January to August 2024, the national fixed asset investment increased by 3.4%.

National Bureau of Statistics releases article "Fixed Asset Investment in the National from January to August 2024 increased by 3.4%", the article states that from January to August 2024, the fixed asset investment in the nation (excluding rural households) amounted to 32.9385 trillion yuan, a year-on-year increase of 3.4%, of which private fixed asset investment amounted to 16.7911 trillion yuan, a decrease of 0.2%. From a month-on-month perspective, fixed asset investment in August (excluding rural households) increased by 0.16%. The full text is as follows: Fixed Asset Investment in the National Increased by 3.4% from January to August 2024 From January to August 2024, the fixed asset investment in the nation (excluding rural households) amounted to 32.9385 trillion yuan, a year-on-year increase of 3.4%, of which private fixed asset investment amounted to 16.7911 trillion yuan, a decrease of 0.2%. From a month-on-month perspective, fixed asset investment in August (excluding rural households) increased by 0.16%. By industry, investment in the primary industry was 614.6 billion yuan, an increase of 2.9% year-on-year; investment in the secondary industry was 112.778 trillion yuan, an increase of 12.1%; and investment in the tertiary industry was 210.461 trillion yuan, a decrease of 0.8%. In the secondary industry, industrial investment increased by 12.1% year-on-year. Among them, investment in mining industry increased by 15.6%, investment in manufacturing industry increased by 9.1%, and investment in electricity, heat, gas production and supply industry increased by 23.5%. In the tertiary industry, infrastructure investment (excluding electricity, heat, gas production and supply industry) increased by 4.4% year-on-year. Among them, investment in water management industry increased by 32.6%, investment in aviation transportation industry increased by 20.3%, and investment in railway transportation industry increased by 16.1%. From a regional perspective, investment in the eastern region increased by 2.7% year-on-year, investment in the central region increased by 4.6%, investment in the western region decreased by 0.2%, and investment in the northeastern region increased by 2.5%. By registration type, investment in domestic enterprises increased by 3.3% year-on-year, investment in enterprises from Hong Kong, Macao, and Taiwan increased by 4.7%, and investment in foreign enterprises decreased by 17.7%. This article is reprinted from the National Bureau of Statistics.

14/09/2024

National Bureau of Statistics: Industrial value added of enterprises above designated size increased by 4.5% in August 2024.

The National Bureau of Statistics released an article "Industrial Value Added of Industrial Enterprises above Designated Size Increased by 4.5% in August 2024". The article mentioned that in August, the industrial value added of industrial enterprises above designated size increased by 4.5% year on year (the value added growth rates are all real growth rates excluding price factors). From a month-on-month perspective, the industrial value added of industrial enterprises above designated size increased by 0.32% compared to the previous month in August. From January to August, the industrial value added of industrial enterprises above designated size increased by 5.8% year on year. The full text is as follows: Industrial Value Added of Industrial Enterprises above Designated Size Increased by 4.5% in August 2024 In August, the industrial value added of industrial enterprises above designated size increased by 4.5% year on year (the value added growth rates are all real growth rates excluding price factors). From a month-on-month perspective, the industrial value added of industrial enterprises above designated size increased by 0.32% compared to the previous month in August. From January to August, the industrial value added of industrial enterprises above designated size increased by 5.8% year on year. Looking at it from three major categories, in August, the value added of the mining industry increased by 3.7% year on year, the manufacturing industry grew by 4.3%, and the electricity, heat, gas, and water production and supply industry increased by 6.8%. From the perspective of economic types, in August, the value added of state-owned holding enterprises increased by 3.6% year on year; the value added of joint-stock enterprises increased by 5.0%, foreign-funded and Hong Kong, Macao, and Taiwan invested enterprises increased by 2.8%; and privately-owned enterprises increased by 4.5%. Looking at it from industries, in August, out of 41 major categories, 32 industries maintained a year-on-year increase in value added. Among them, the coal mining and washing industry increased by 3.3%, the petroleum and natural gas extraction industry grew by 4.0%, the food processing industry decreased by 0.1%, the alcohol, beverage, and refined tea manufacturing industry grew by 5.2%, the textile industry grew by 4.4%, the chemical raw materials and chemical products manufacturing industry grew by 5.9%, the non-metallic mineral products industry decreased by 5.5%, the black metal smelting and rolling processing industry decreased by 2.1%, the non-ferrous metal smelting and rolling processing industry increased by 6.6%, the general equipment manufacturing industry grew by 2.2%, the special equipment manufacturing industry increased by 2.9%, the automobile manufacturing industry grew by 4.5%, the railway, shipbuilding, aerospace and other transport equipment manufacturing industry increased by 12.0%, the electrical machinery and equipment manufacturing industry grew by 2.6%, the computer, communication and other electronic equipment manufacturing industry grew by 11.3%, and the electricity, heat production and supply industry grew by 6.9%. Looking at it from products, in August, out of 619 products of industrial enterprises above designated size, 339 products had a year-on-year increase in production volume. Among them, steel production was 110.90 million tons, a decrease of 6.5% year on year; cement production was 157.63 million tons, a decrease of 11.9%; ten kinds of non-ferrous metals were 6.62 million tons, an increase of 4.0%; ethylene was 2.74 million tons, a decrease of 1.5%; automobiles were 2.511 million units, a decrease of 2.3%, including 1.105 million units of new energy vehicles, an increase of 30.5%; electricity generation was 907.4 billion kilowatt-hours, an increase of 5.8%; crude oil processing volume was 59.07 million tons, a decrease of 6.2%. In August, the sales rate of industrial enterprises above designated size was 96.6%, a decrease of 0.8 percentage points year on year; the export delivery value of industrial enterprises above designated size reached 1.2994 trillion yuan, a nominal increase of 6.4% year on year. This article is reprinted from the National Bureau of Statistics.

14/09/2024

National Bureau of Statistics: The month-on-month decrease in the sales prices of newly built commodity houses in first-tier cities narrowed in August, while the year-on-year decrease was the same as the previous month.

On September 14, the National Bureau of Statistics released the "Changes in the Sales Prices of Commercial Residential Buildings in 70 Large and Medium-sized Cities in August 2024". In August 2024, among the 70 large and medium-sized cities, the prices of commercial residential buildings in various tier cities saw a month-on-month decline, and the year-on-year decline slightly expanded overall. In particular, the month-on-month decline in the prices of new commercial residential buildings in first-tier cities narrowed, while the year-on-year decline was the same as the previous month. Wang Zhonghua, chief statistician of the Urban Department of the National Bureau of Statistics, explained that in August, the month-on-month decline in the prices of new commercial residential buildings in first-tier cities was 0.3%, which was 0.2 percentage points narrower than the previous month. In August, the year-on-year decline in the prices of new commercial residential buildings in first-tier cities was 4.2%, the same as the previous month. Below is the original text: "In August 2024, among the 70 large and medium-sized cities, the prices of commercial residential buildings in various tier cities saw a month-on-month decline, and the year-on-year decline slightly expanded overall. In particular, the month-on-month decline in the prices of new commercial residential buildings in first-tier cities narrowed, while the year-on-year decline was the same as the previous month. I. Month-on-month decline in the prices of commercial residential buildings In August, the month-on-month decline in the prices of new commercial residential buildings in first-tier cities was 0.3%, which was 0.2 percentage points narrower than the previous month. Among them, Beijing, Guangzhou, and Shenzhen dropped by 0.5%, 0.5%, and 0.8% respectively, while Shanghai rose by 0.6%. The month-on-month decline in the prices of new commercial residential buildings in second and third-tier cities was 0.7% and 0.8% respectively, both expanding by 0.1 percentage points compared to the previous month. In August, the month-on-month decline in the prices of second-hand residential buildings in first-tier cities was 0.9%, expanding by 0.4 percentage points compared to the previous month, with Beijing, Shanghai, Guangzhou, and Shenzhen dropping by 1.0%, 0.6%, 0.7%, and 1.3% respectively. The month-on-month decline in the prices of second-hand residential buildings in second and third-tier cities was 1.0% and 0.9% respectively, expanding by 0.2 and 0.1 percentage points compared to the previous month. II. Overall slight expansion in the year-on-year decline in the prices of commercial residential buildings In August, the year-on-year decline in the prices of new commercial residential buildings in first-tier cities was 4.2%, the same as the previous month. Among them, Beijing, Guangzhou, and Shenzhen dropped by 3.6%, 10.1%, and 8.2% respectively, while Shanghai rose by 4.9%. The year-on-year decline in the prices of new commercial residential buildings in second and third-tier cities was 5.3% and 6.2% respectively, expanding by 0.5 and 0.4 percentage points compared to the previous month. In August, the year-on-year decline in the prices of second-hand residential buildings in first-tier cities was 9.4%, expanding by 0.6 percentage points compared to the previous month, with Beijing, Shanghai, Guangzhou, and Shenzhen dropping by 8.5%, 5.8%, 12.5%, and 10.8% respectively. The year-on-year decline in the prices of second-hand residential buildings in second and third-tier cities was 8.6% and 8.5% respectively, both expanding by 0.4 percentage points compared to the previous month. This article is from the National Bureau of Statistics"

14/09/2024

August financial statistics released! Central Bank interpretation: Reasonable increase in total financial amount.

On September 13, the People's Bank of China released the financial statistics for August. The relevant departments of the central bank interpreted the August financial statistics and answered questions from the media. The spokesperson stated that there were three main characteristics of the August data. Firstly, the overall financial volume saw reasonable growth. The M2 balance has been stable recently. In August, the growth rates of the scale of social financing and RMB loans were both above 8%, about 4 percentage points higher than the nominal GDP growth rate for the first half of the year. Despite the accelerated structural transformation, financial data continues to grow steadily on a high base, providing solid support to the real economy. Secondly, the credit structure continued to improve. Credit resources are flowing more towards major strategic areas, key sectors, and vulnerable areas, effectively supporting the accelerated optimization of the economic structure. By the end of August, the balance of long-term loans in manufacturing reached 13.69 trillion yuan, a year-on-year increase of 15.9%, with long-term loans to high-tech manufacturing increasing by 13.4% year-on-year. The balance of loans to technology-based small and medium-sized enterprises reached 3.09 trillion yuan, a year-on-year increase of 21.2%. The balance of loans to "specialized, innovative, and new" enterprises reached 4.18 trillion yuan, up 14.4% year-on-year. The balance of inclusive small and micro loans reached 32.21 trillion yuan, up 16.0% year-on-year. The growth rates of these loans were all higher than those of other loans during the same period. Thirdly, interest rates continued to decline to low levels. In August, the weighted average interest rate on new corporate loans was 3.57%, 8 basis points lower than the previous month and 28 basis points lower than the same period last year. The interest rate on new inclusive small and micro loans was 4.48%, 8 basis points lower than the previous month and 34 basis points lower than the same period last year, both at historical lows. In terms of supporting the high-quality development of the economy, the People's Bank of China has made progress and achievements in optimizing the credit structure, with stronger, more adaptive, and more precise support for major strategies, key sectors, and vulnerable areas. Going forward, the People's Bank of China will continue to implement policies and measures, accelerate the formulation of overall plans for the "five major areas" of finance, and digital finance, and pension finance policies, and continue to deepen financial reforms in key areas to more effectively support the high-quality development of the economy. As for future monetary policy considerations and measures, the People's Bank of China will maintain a supportive monetary policy stance and create a favorable monetary and financial environment for the economy to recover and improve. The monetary policy will be more flexible, precise, and effective, increase control efforts, implement financial policies already introduced, introduce incremental policy measures, further reduce the financing costs for enterprises and residents, ensure reasonable liquidity, and consider maintaining price stability and promoting moderate price increases as important considerations for monetary policy. Additionally, it will continue to strengthen the coordination of macroeconomic policies, support the effectiveness of active fiscal policies, focus on expanding domestic demand, promote consumption and investment, eliminate outdated production capacity, promote industrial upgrading, and support total supply and demand at higher levels.Achieve dynamic balance on the beam.This article is sourced from the WeChat official account of the People's Bank of China; Edited by GMTEight: Chen Xiaoyi.

13/09/2024

Central Bank: The M2 balance at the end of August was 305.05 trillion yuan, a year-on-year increase of 6.3%.

On September 13th, according to data from the People's Bank of China, at the end of August, the broad money supply (M2) balance was 305.05 trillion yuan, an increase of 6.3% year-on-year. The narrow money supply (M1) balance was 63.02 trillion yuan, a decrease of 7.3% year-on-year. The currency in circulation (M0) balance was 11.95 trillion yuan, an increase of 12.2% year-on-year. A net cash injection of 602.8 billion yuan was made in the first eight months. 2024 August Financial Statistics Report I. Broad money supply growth of 6.3% At the end of August, the broad money supply (M2) balance was 305.05 trillion yuan, an increase of 6.3% year-on-year. The narrow money supply (M1) balance was 63.02 trillion yuan, a decrease of 7.3% year-on-year. The currency in circulation (M0) balance was 11.95 trillion yuan, an increase of 12.2% year-on-year. A net cash injection of 602.8 billion yuan was made in the first eight months. II. RMB loans increased by 14.43 trillion yuan in the first eight months At the end of August, the total RMB and foreign currency loan balance was 256.24 trillion yuan, an 8% year-on-year increase. The RMB loan balance was 252.02 trillion yuan, an increase of 8.5% year-on-year. RMB loans increased by 14.43 trillion yuan in the first eight months. Breakdown shows that household loans increased by 1.44 trillion yuan, with short-term loans increasing by 132.4 billion yuan, medium and long-term loans increasing by 1.31 trillion yuan; loans to enterprises and institutions increased by 11.97 trillion yuan, with short-term loans increasing by 2.37 trillion yuan, medium and long-term loans increasing by 8.7 trillion yuan, and bill financing increasing by 759.7 billion yuan; loans to non-bank financial institutions increased by 459.1 billion yuan. At the end of August, the foreign currency loan balance was 594 billion US dollars, a decrease of 13.8% year-on-year. Foreign currency loans decreased by 62.4 billion US dollars in the first eight months. III. RMB deposits increased by 12.88 trillion yuan in the first eight months At the end of August, the total RMB and foreign currency deposit balance was 303.21 trillion yuan, an increase of 6.6% year-on-year. The RMB deposit balance was 297.14 trillion yuan, an increase of 6.6% year-on-year. RMB deposits increased by 12.88 trillion yuan in the first eight months. Among them, household deposits increased by 9.65 trillion yuan, non-financial corporate deposits decreased by 2.88 trillion yuan, government deposits increased by 960.6 billion yuan, and non-bank financial institution deposits increased by 3.59 trillion yuan. At the end of August, the foreign currency deposit balance was 853.1 billion US dollars, an increase of 7.3% year-on-year. Foreign currency deposits increased by 55.3 billion US dollars in the first eight months. IV. In August, the weighted average interest rate for interbank RMB lending was 1.77%, and for pledged bond repurchase it was 1.79%. In August, the interbank RMB market transactions through lending, bond issuance, and repurchase totaled 181.78 trillion yuan, with a daily average of 8.26 trillion yuan, a 11.2% decrease year-on-year. Among them, interbank lending transactions decreased by 27.2% year-on-year, bond issuance transactions decreased by 1.6% year-on-year, and repurchase transactions decreased by 12% year-on-year. In August, the weighted average interest rate for interbank lending was 1.77%, a decrease of 0.04 percentage points from the previous month and an increase of 0.06 percentage points from the same period last year. The weighted average interest rate for pledged bond repurchase was 1.79%, a decrease of 0.03 percentage points from the previous month and an increase of 0.03 percentage points from the same period last year. V. In August, the cross-border settlement amount for current account transactions in RMB was 1.26 trillion yuan, and for direct investment cross-border settlement it was 0.59 trillion yuan. In August, the cross-border settlement amount for current account transactions in RMB was 1.26 trillion yuan, with trade in goods, trade in services, and other current account transactions accounting for 0.93 trillion yuan, 0.33 trillion yuan, respectively; the cross-border settlement amount for direct investment in RMB was 0.59 trillion yuan, with outbound direct investment and in foreign direct investment accounting for 0.2 trillion yuan, 0.39 trillion yuan, respectively. This article is excerpted from "People's Bank of China", edited by Li Fo.

13/09/2024

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